Debt 100% of GDP: Data is big blow for new UK govt

Prime Minister Keir Starmer has warned Britons that the budget announcement on October 30 will be "painful", with tax rises and spending cuts expected. This warning has been echoed by finance minister Rachel Reeves, who will deliver the country's fiscal plans to parliament. Friday's data also showed "the highest August borrowing on record, outside the (Covid) pandemic", Darren Jones, a senior official at the UK Treasury, said in a statement.